Newsletter – 5th September 2017

Morning Bulletin

Yesterday

  • Unsurprisingly yesterday’s trading was fairly muted due to the US and Canadian Bank holidays, coupled with the usual lack of European data on a Monday.
  • The only key data release came in the form of UK Construction PMI which at 51.1 fell short of the expected reading of 52.1. That was also the lowest reading in a year, with the slowdown attributed to reduced levels of commercial work.
  • A spokeswoman for UK PM Theresa May said the UK was ready to intensify Brexit talks with the EU, however nothing had been formally agreed as yet.
  • Eurozone PPI m/m 0.0% (0.1% Exp)
Overnight

  • The Reserve Bank of Australia kept interest rates on hold at1.50%.
  • The RBA said the strong Aussie Dollar was still weighing on economic growth, inflation and employment, but the low level of interest rates was providing some support for the economy.
  • UK BRC Retail Sales y/y +1.3% (+0.9% Previous)
  • Australia Current Account -9.6Bn (-7.9Bn Exp)
  • Swiss CPI m/m 0.0% as expected
Today
  • Key data this morning will be UK Services PMI due at 9.30am.
  • This afternoon, no headline figures as such but we will hear from a number of US Fed speakers.

 

Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.0876 +0.07
GBP/USD 1.2920 -0.06
EUR/USD 1.1877 -0.13
AUD/USD 0.7963 +0.29

 

Time (GMT) Region Data Release Forecast Previous
09.30 GBP Services PMI 53.5 53.8
10.00 EUR Eurozone Retail Sales m/m -0.2% 0.5%
10.00 EUR Eurozone Revised GDP q/q 0.6% 0.6%
10.10 AUD RBA Gov Lowe Speaks
13.00 USD FOMC Member Brainard Speaks
15.00 USD Factory Orders m/m -3.3% 3.0%
TBC NZD GDT Price Index -0.4%
18.10 USD FOMC Member Kashkari Speaks